Why is there no deduction after reporting loss in a housefire with no insurance reimbursement?

jbirdddd7 · ‎February 3, 2020

xmasbaby0 · ‎February 3, 2020

Unless you live a in declared federal disaster area, you cannot deduct casualty losses on your federal return.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

jbirdddd7 · ‎February 5, 2020

Thanks, how does it effect my state return?

VictoriaD75 · ‎February 5, 2020

It depends on the state. Each state has separate tax laws. Several follow Federal, but there are several areas in tax where they diverge.

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Why is there no deduction after reporting loss in a housefire with no insurance reimbursement?